You most likely understand the importance of health insurance. From helping pay for basic care and sicknesses to covering large bills after something catastrophic occurs, insurance is imperative. Unfortunately, you may not know how to properly secure health insurance. With this guide, you will learn a few mistakes to avoid when shopping for and securing health insurance coverage.
Thinking Your Employer-Sponsored Plan Is Your Only Option
One of the most common mistakes people make is thinking the plans offered through their jobs are the only options available to them. In reality, you do have choices.
There are instances where your employer-sponsored plan is best, so it is wise to work with an agent or broker to compare all of the options. You may be able to save money on a private plan or secure coverage that is more comprehensive through different sources.
Lying On your Application
Whether you are signing up for your employer-sponsored plan or you are enrolling in private plans, it is important to be honest during the application process.
If you have any preexisting medical issues, make sure to note them on the application. Be honest when asked if you have had any medical issues in the past, as well. If you are taking any prescription medications or have undergone any past treatments or surgeries or you have treatments or surgeries scheduled for the future, this should be evident on the application.
If you are a tobacco user, this also needs to be known. You will also be asked about your height and weight. Again, be sure to be completely honest during the application process to avoid future issues. Lying or failing to disclose this pertinent information on the application could lead to a coverage denial and also denials of medical claims made when you are on the actual insurance policy.
Opting for the Cheapest Option
Finally, a lot of individuals and families will choose the cheapest option. This may seem like the smartest option initially since you may be saving money per month. However, it may not be the smartest option long term.
A plan with a higher deductible may be less expensive per month, but this deductible will need to be paid if something catastrophic occurs during your coverage period. You may also want a lower co-insurance amount. Again, you'll save monthly, but you will be responsible for paying a higher percentage for doctor visits, care, and hospitalizations.
For more information about health insurance, reach out to a provider.Share